Section 12ABZA Partnership returns: overseas partners in investment partnerships etcF1

United Kingdom

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

s. 12ABZA(1) words inserted by 2017 c. 32, Sch. 14 para. 10B(b) (as inserted) by Finance Act 2018 Sch. 6 para. 9
s. 12ABZA(3) words inserted by 2017 c. 32, Sch. 14 para. 10B(b) (as inserted) by Finance Act 2018 Sch. 6 para. 9
s. 12ABZA(4) words inserted by 2017 c. 32, Sch. 14 para. 10B(b) (as inserted) by Finance Act 2018 Sch. 6 para. 9

(1)

There is no requirement for a partnership return to include a declaration of the tax reference of a person (see section 12AA(6)(a)) if—

(a)

the person is not chargeable to income tax or corporation tax for the period, or for a period which includes any part of the period, in respect of which the partnership return is made,

(b)

the partnership does not carry on a trade or profession or a UK property business at any time during the period in respect of which the partnership return is made,

(c)

the whole of that period is a period in respect of which the partnership is required to set out information about the person in one or more relevant returns, and

(d)

the partnership return includes a statement that the condition in paragraph (c) is met.

(2)

In subsection (1)(c) “relevant return” means a return under the International Tax Compliance Regulations 2015 (S.I. 2015/878).

(3)

If, in reliance on this section, the partnership return does not include a declaration of the tax reference of a person but the partnership does not comply with the requirement mentioned in subsection (1)(c), the partner required to make and deliver the partnership return, or that partner's successor, must give notice to HMRC specifying the tax reference.

(4)

The notice must be given within the period of 12 months beginning with the filing date for the partnership return.

(5)

The Commissioners for Her Majesty's Revenue and Customs may by regulations made by statutory instrument amend the definition of “relevant return” in subsection (2).

(6)

A statutory instrument containing regulations under subsection (5) is subject to annulment in pursuance of a resolution of the House of Commons.

(7)

In this section “filing date” has the same meaning as in section 12ABA.

Annotations

Textual amendments

F1: S. 12ABZA inserted (with effect in accordance with Sch. 6 para. 8(5) of the amending Act) by Finance Act 2018 (c. 3), Sch. 6 para. 8(3)

Notes on Part II

Modifications

C1: Pt. 2 applied (with modifications) by Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7), s. 11A(1)(3) (as inserted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para. 12)
C2: Pt. 2 applied (with modifications) by Social Security Contributions and Benefits Act 1992 (c. 4), s. 11A(1)(3) (as inserted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para. 3)
C3: Pt. 2 modified (14.9.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) (No. 2) Regulations 2023 (S.I. 2023/912), regs. 1(2), 41(1) (with reg. 1(3))
C4: Pt. 2 applied (with modifications) (6.4.2024 immediately after the coming into force of 2023 c. 57, Sch. para. 4(1)(2)) by 1992 c. 7, s. 11A (as inserted by The Social Security (Class 2 National Insurance Contributions) (Consequential Amendments and Savings) Regulations 2024 (S.I. 2024/377), regs. 1(2), 10 (with reg. 1(4)))
C5: Pt. 2 applied (with modifications) (6.4.2024 immediately after the coming into force of 2023 c. 57, Sch. para. 4(1)(2)) by 1992 c. 4, s. 11A (as inserted by The Social Security (Class 2 National Insurance Contributions) (Consequential Amendments and Savings) Regulations 2024 (S.I. 2024/377), regs. 1(2), 9 (with reg. 1(4)))

Notes on Partnerships

Textual amendments

F1: S. 12AA and cross-heading inserted (with effect in accordance with s. 199(2)(3) of the amending Act) by Finance Act 1994 (c. 9), s. 184; S.I. 1998/3173, art. 2